An erroneous perception is that condominium units are exclusive for senior housing. Yes, condos are a popular housing style for the older generations and many 55-plus communities use a multi-unit construction style. Outside of these specially designated communities, anyone can own a condominium. A...
A condo, short for condominium, is a privately owned unit within a building of other units that are either also privately owned or owned in common with exclusive rights of occupation by individual owners. Condo owners typically own the interior of their unit and the structural components of exte...
You can expect anycondominium associationto have these charges for the community. They are referred to ascondo fees. Condo owners pay these dues as part of being members of the community. What Do The Dues Cover? The purpose of an HOA fee is to provide the necessary funds for the operation...
“I think the one thing I wish boards knew—or rather, the most important thing for boards to be aware of and practice—is transparency,” Shapiro says. “Transparency allows owners to see how decisions were made, and demonstrates that decisions are made after the board performed its due dil...
Nonprofits and corporations are good examples of organizations. The general purpose of a nonprofit is to serve the community, while a corporation’s purpose is to generate revenue. The IRS requires nonprofits to have articles of incorporation, corporate bylaws, and meeting minutes. If the government...
or deficiencies – that they are aware of – that may impede potential buyers from purchasing the property. A seller disclosure form is intended to eliminate some of the difficulties caused when owners neglect to acknowledge the true condition of the property. The form by no means offers a ...
a board vote. With residents home from work and children out of school, there are going to be a lot more people in the common areas during the day for the unforeseeable future. The rules may have to change. For example, communities usually have rules against creating a nuisance condition;...
Each planned community or condominium development typically has covenants, conditions and restrictions. Together, these are the rules and regulations of your community. Think of them as the laws specific to your community Read More:Difference Between HOA & POA ...
Typically, the bylaws and proprietary lease will let residents and board members know when annual shareholder meetings and elections to the board of directors are held, and how notice is given; the rules governing sponsors and how many seats they may be allotted on the board of directors; when...
A homeowners association (HOA) is an organization that makes and enforces rules and guidelines for a subdivision, planned community, or condominium building. HOA members are the residents of the subdivision, community, or building. Some communities require mandatory membership for individuals who purcha...